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For around a thousand years, the London Borough Market has existed in one form or another. It has survived fire, flood, plague and war – and on the 3rd of June this year, a terrorist attack. The market has since reopened, with traders determined to continue their work and serve the local community.

Although many markets are a historic part of their host towns and cities, they are far from being relics. Indeed, in recent years markets have experienced something of a revival. In London alone, since 2010, the number of street markets has grown from 162 to over 250.

There are clear reasons for this – markets offer consumers and traders a number of benefits, and they make significant contributions to the economic, social and political health of towns and cities.

Economic impact of markets

Indeed, in 2015, the Institute of Place Management (IPM) conducted a comprehensive review of the impact of markets and found that markets not only have a significant turnover, they also impact indirectly on the wider economy – meaning that the £3.5 billion turnover directly attributable to retail markets is actually worth around £10.5 billion to the UK economy.

The Portas review in 2011 hailed markets as a potential saviour of the high street. Indeed, the IPM review supports this, reporting that markets can help to increase town centre footfall by up to 25%. This has significant economic potential. In London, market visitors spend around £752 million per annum in nearby shop-based retailers.

support the development of entrepreneurial skills in young people through ‘youth markets’

act as business incubators and support business formation due to their low barriers to entry, for example, enabling migrants to set up their own businesses

enable small businesses to reach larger businesses whom they can supply, and support other local businesses, such as farmers.

encourage high street diversity and create a distinct ‘identity’ for high streets

promote high street resilience, as they are flexible and able to respond quickly to changing demands.

help to utilise vacant and underused spaces within high streets

attract tourists, who are drawn to them because they are “unique, quirky, unusual”

Wider benefits

Markets also have a number of social purposes. They are important places of social interaction, which facilitate community cohesion and social inclusion. Markets can also help to improve public health and quality of life through the provision of fresh, quality produce at lower price points, which may be particularly beneficial for low-income families.

From an environmental perspective, there are also a number of benefits arising from the sale and purchase of locally produced products, including reducing pollution associated with high ‘food miles’ and reducing the need for consumers to travel to out-of-town sites, such as large retail parks, in order to make their purchases.

Challenges

Although there is overwhelming evidence that almost every street, food and farmer’s market is an invaluable asset to its local community, markets still face a number of very real threats. These include:

the rise of out-of-town shopping centres, the dominance of big supermarkets, and the popularity of online shopping

planning and regulatory regimes that do not allow for, or restrict, the expansion or establishment of markets

a lack of support for markets or poor management by local authorities

high land values making it difficult for markets to be established

As many markets are a lifeline for areas experiencing deprivation, it is important that they receive the support that they require to survive and flourish.

Promoting and supporting markets

So, what can be done to support markets? Earlier this year, the Mayor of London, Sadiq Khan, announced plans to establish the London Markets Board – a team of experts tasked with delivering a London markets strategy, and work to preserve and promote London’s increasing number of markets.

The Love Your Local Market campaign, for example, is an annual event, established in 2012, which brings together markets across the UK. It aims to build affection and support for markets in local communities, and offers free or subsidised pitches to start-ups to test trading conditions. In 2013, it increased footfall in participating town centres by 10%.

Other recommendations to support markets include:

greater recognition of the role of markets in local economies, jobs and growth, as well as in civic local society

ensuring that retail markets have a voice in policy making that affects them, including planning and town centre management

further lifting the current burden of business rates for SMEs

supporting greater awareness of the sector’s employment opportunities including apprenticeships, platforms for self-employment and training hubs

developing and supporting sector-led initiatives that aim to support entrepreneurship and increase the amount of businesses on markets, and support them digitally

encouraging schools and further education establishments to work with market operators to enable people entering the labour market to embrace markets as a possible career

There are some promising signs. Around £90 million has been invested into improving markets since 2014, and an increasing number of local authorities are making them central to town centre plans and regeneration activity.

By promoting and supporting markets in this way, the economic, social and environmental benefits can be maximised. As the 2015 review of markets underlines: “markets are an important asset to a location, and their future cannot be left to chance.”

On Sunday 8th March, people around the globe will come together to celebrate the economic, social and political achievements of women as part of International Women’s Day. The day also presents an opportunity to call for greater gender equality.

One of the great success stories for women’s equality has been the increase in women’s employment rates over the past forty years. Indeed, women’s employment levels are now higher than at any other time since records began.

However, despite this great progress, rates of female entrepreneurship have not matched this pace. A recent report by the Ambassador for Women in Enterprise, Lorely Burt MP, notes that only one in five businesses in the UK are majority-owned by women, and that women are significantly less likely than men to start their own business.

The report looked at the ways in which the government could help to address the barriers faced by female entrepreneurs and increase the opportunities available to them. It makes a number of recommendations, in particular:

Making available support, including networking and finance, more accessible to women;

Being more inclusive in communications with potential female entrepreneurs;

Tackling unconscious basis in the presentation of services to women;

Making greater, and better, use of the Great Business website, particularly the section targeted at women.

As well as promoting greater equality and choice for women, the report argues that improving support for female entrepreneurs could have significant economic benefits. For example, it cites research by the Women’s Business Council, which estimates that, if women were setting up new businesses at the same rate as men, there would be one million more female entrepreneurs. Indeed, raising the level of women’s employment to the same as men’s could lift GDP by as much as 10% by 2030.

Signs of progress

There are some promising signs of progress. Since 2008, the proportion of Small Medium Enterprises (SMEs) run mainly by women has increased from 14% to 19%.

Recently there has also been an increased focus on broadening young women’s aspirations and understanding of career options while they are still in education, partially as a result of recommendations put forward by the Women’s Business Council in 2013.

In 2014, a follow-up report assessed the progress that had been made against these recommendations. Successful initiatives included a pilot project to help female students develop entrepreneurial skills, and use of the Speakers for Schools scheme to enable successful female entrepreneurs to discuss their experiences with pupils and act as positive role models. We also wrote last year about the importance for girls of having female role models within science and technology, when considering career choices.

The government has also stepped up its support for existing and new female entrepreneurs, recently announcing a £1million challenge fund to help women grow their business online, the introduction of Start Up Loans, the Enterprise Allowance and local growth hubs, and the provision of £1.6 million to support women entrepreneurs in rural areas.

Mentoring can help

Karren Brady, a top female entrepreneur, known for her role on the BBC’s The Apprentice, and as vice-chair of West Ham Football Club, is passionate about female entrepreneurs and SMEs. She suggests that “fear and a lack of confidence can stand in the way of women” and recommends that budding entrepreneurs should find a mentor to help guide them.

She is not the only one to recognise the benefits of mentors for women entrepreneurs. The government recently announced additional funding for a series of ‘Meet a mentor’ events which are aimed solely at women.

The issue of female entrepreneurship has even found its way into popular women’s magazines such as Elle and Red, both of which have recently been promoting female entrepreneurship, through dedicated sections and discussions on business start ups and highlighting advice and guidance from strong female role models.

There are clearly many facets to tackling the low rates of female entrepreneurship. As well as ensuring that potential women entrepreneurs can access practical support and services, there is a need to tackle the underlying notion held by many that business is a ‘male activity’.

By doing so, women who want to run their own business will be better placed to obtain both the resources and the confidence required to “make it happen”.